Tokyo Tatemono : Fact Sheets for the 1st Quarter of FY2023377KB

FACT SHEETS

the First Quarter of Fiscal Year Ending December 31,2023

May 11 , 2023

https://www.tatemono.com/english/

Disclaimer

Although Tokyo Tatemono has made every effort to ensure the information provided in these materials is correct, the Company does not guarantee the information herein is accurate or complete. Contents are subject to change or disuse without notice. Recipients shall use these materials at their own risk and without recourse.

Forward-Looking Statements

This document contains certain statements based on Tokyo Tatemono's current plans, estimates, and strategies; all statements that are not of historical fact are forward-looking statements. These statements represent the judgments and hypotheses of the Company's management based on currently available information. It is possible that the Company's future performance will differ significantly from the contents of these forward-looking statements. Accordingly, there is no assurance that the forward-looking statements in this document will prove to be accurate.

Financial results (Consolidated)【Statements of income】

	2018/12	2019/12	2020/12	2021/12				2022/12						2023/12
(Millions of yen)	full-year	full-year	full-year	full-year
1Q		2Q cumulative	3Q cumulative	full-year	1Q		2Q cumulative	3Q cumulative	full-year forecast
Operating revenue	273,302	323,036	334,980	340,477	121,684	215,066	268,455	349,940	118,393	-	-	413,000
Operating gross profit	81,168	89,694	83,025	92,543	35,295	67,372	81,949	101,488	38,446	-	-	105,000
（Gross margin）	29.7%	27.8%	24.8%	27.2%	29.0%	31.3%	30.5%	29.0%	32.5%	-	-	25.4%
Selling, general and administrative expenses	34,402	37,283	33,393	33,759	9,790	19,145	26,899	37,009	11,156	-	-	39,000
(As a % of revenue)	12.6%	11.5%	10.0%		9.9%	8.0%		8.9%	10.0%	10.6%	9.4%	-	-	9.4%
Operating profit	46,765	52,410	49,631	58,784	25,504	48,227	55,050	64,478	27,289	-	-	66,000
Business profit (*1)		-	51,668	49,847	47,979	25,390	51,195	58,095	66,304	28,136	-	-	71,000
Non-operating income		3,593		3,537		5,691		6,881	1,693		5,623		7,053		6,307	2,221	-	-	9,000
Interest and dividend income		2,420		2,883		3,321		5,358	1,060		1,685		3,156		3,650	1,158	-	-	-
Other		1,172		653		2,370		1,523		633		3,937		3,896		2,656	1,062	-	-	-
Non-operating expenses		8,321	11,335		8,250	19,395	2,041		3,664		5,433		7,254	2,038	-	-	8,000
Interest expenses	△	6,020	△	6,970	△	6,725	△	6,667	1,602	△	3,070	△	4,570	△	6,094	1,688	-	-	-
Other	2,300	4,365	1,524		△	438	594	862	1,160	△	349	-	-	-
			12,728
（Net interest received）		3,600		4,086		3,404		1,309		542		1,384		1,413		2,444		529	-	-	-
Ordinary profit	42,036	44,611	47,072	46,270	25,156	50,185	56,670	63,531	27,472	-	-	67,000
Extraordinary income		720		2,932		4,730	10,719		224		415		445		1,659		2	-	-	2,000
Gain on sale of non-current assets		54		75		628		7		173		365		394		726		2	-	-	-
Other		665		2,857		4,102	10,711		50		50		50		933		-	-	-	-
Extraordinary losses		2,655		2,215		4,879		754		70		105		330		2,440		26	-	-	3,000
Loss on sale and retirement of non-current assets		160		263		287		211		38		59		87		148		23	-	-	-
Loss on valuation of investment securities		-		-		2,013		138		-		-		56		50		-	-	-	-
Other		2,495		1,951		2,578		405		32		45		186		2,240		3	-	-	-
Profit before income taxes	40,101	45,329	46,923	56,234	25,310	50,495	56,785	62,750	27,448	-	-	66,000
Profit attributable to owners of parent	27,277	29,796	31,795	34,965	17,226	35,330	39,391	43,062	17,755	-	-	44,500

(*1) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method

To capture the growth of overseas businesses, we have defined business profit as a target profit indicator. Business profit is the sum of operating profit and share of profit (loss) of entities accounted for using equity method.

2

【Financial condition】

	2018/12	2019/12	2020/12	2021/12		2022/12			2023/12
(Millions of yen)
full-year	full-year	full-year	full-year	1Q	2Q cumulative	3Q cumulative	full-year	1Q	2Q cumulative	3Q cumulative	full-year forecast
Total assets (*1)	1,450,091	1,564,049	1,624,640	1,650,770	1,630,893	1,666,864	1,675,089	1,720,134	1,812,369	-	-	-
Share capital	92,451	92,451	92,451	92,451	92,451	92,451	92,451	92,451	92,451	-	-	-
Owners' equity	348,131	375,008	389,364	417,055	429,436	449,060	447,311	445,994	458,745	-	-	-
Equity ratio	24.0%	24.0%	24.0%	25.3%	26.3%	26.9%	26.7%	25.9%	25.3%	-	-	-
Interest-bearing debt	857,117	924,891	976,896	956,836	927,599	935,599	940,137	989,798	994,578	-	-	1,050,000
Debt-equity ratio	2.5	2.5	2.5	2.3	2.2	2.1	2.1	2.2	2.2	-	-	-
Interest-bearting debt/EBITDA multiple	12.7	12.6	13.4	13.3	-	-	-	11.1	-	-	-	-
Debt-equityratio＝Interest-bearing debt / Owners' equity.
Interest-bearing debt / EBITDA multiple = interest-bearing debt / (operating profit ＋ interest & dividend income ＋share of profit (loss) of entities accounted for using equity method ＋ depreciation ＋ goodwill amortization expense)
(*1) From FY2019, the Accounting Standards on Tax Effect Accounting was partially revised. The figures of total assets for FY2018 are presented in accordance with new standards.

【Important financial indices】

	2018/12	2019/12	2020/12		2021/12		2022/12			2023/12
	full-year	full-year	full-year		full-year	1Q	2Q cumulative	3Q cumulative	full-year	1Q	2Q cumulative	3Q cumulative	full-year forecast
ROE	7.9%	8.2%	8.3%		8.7%	-	-	-	10.0%	-	-	-	-
ROA	3.3%	3.4%	3.1%		2.9%	-	-	-	3.9%	-	-	-	-
ROE＝Profit attributable to owners of parent/ Owners' equity.（Average at the beginning and end of the period）
ROA＝Business profit(operating profit + share of profit (loss) of entities accounted for using equity method) / Total assets.

【Scope of consolidation】

	2018/12		2019/12		2020/12		2021/12				2022/12			2023/12
	full-year		full-year		full-year		full-year		1Q		2Q cumulative	3Q cumulative	full-year	1Q	2Q cumulative	3Q cumulative	full-year forecast
Consolidated subsidiaries		27		28		27		27		28	28	28	29	29	-	-	-
Affiliated companies accounted for using equity method		19		19		20		20		20	19	21	22	23	-	-	-

3

【Cash flows】

	2018/12		2019/12	2020/12		2021/12							2022/12							2023/12
(Millions of yen)
full-year		full-year	full-year		full-year			1Q	2Q cumulative	3Q cumulative	full-year		1Q	2Q cumulative	3Q cumulative	full-year forecast
Profit before income taxes		40,101		45,329		46,923		56,234	-		50,495	-		62,750	-	-	-		-
Depreciation		16,448		17,277		18,971		18,572	-			9,107	-		18,796	-	-	-		-
Loss (gain) on sale and retirement of non-current assets				105				187		△	340				204	-		△	305	-		△	577	-	-	-		-
Impairment loss			2,495			1,350		899				273	-		45	-		462	-	-	-		-
			1,104	△	1,278		△	784			△			-	△	1,121	-		△	292	-	-	-		-
Decrease (increase) in trade receivables	△	△			△	310
Increase (decrease) in trade payables	△	1,381		291		△	296		△		47	-			1,224	-		813	-	-	-		-
Increase (decrease) in deposits received	△		5,936	△		7,226	△		5,086	△			380	-	△		4,714	-	△		3,839	-	-	-		-
Decrease (increase) in inventories	23,273	34,533	10,925		3,467	-	12,667	-	65,006	-	-	-		-
Income taxes refund (paid)	15,038	12,850	15,642	18,619	-	11,975	-	22,083	-	-	-		-
Other	△		4,569	△		1,095	△		9,807		6,495	-	△		9,307	-	△		2,035	-	-	-		-
Net cash provided by (used in) operating activities		19,748		24,096		43,524		65,889	-	△30,004	-	△	3,332	-	-	-		10,000
Proceeds from sale and redemption of investment securities			8,186			2,556	△	4,455		10,786	-			2,151	-	△	2,188	-	-	-		-
		△				△		4,158			△			-			1,526	-			5,604	-	-	-		-
Purchase of investment securities	△	11,625	△	7,911	△	△	1,578	△	△
Payments for investments in silent partnerships			767		810	4,647			73	-			-	-			-	-	-	-		-
Proceeds from withdrawal of investments in silent partnerships	△		2,112	△		1,244	△			288	△			774	-	△		4,320	-	△		4,460	-	-	-		-
Proceeds from sale of non-current assets		1,350		4,518		3,907				19	-			876	-		4,244	-	-	-		-
Purchase of non-current assets	40,798	64,726	58,184	19,386	-	14,189	-	22,495	-	-	-		-
Decrease(increase) in deposits received under real estate specified joint enterprise law	22,071		2,560		3,199		2,693	-			584	-		1,892	-	-	-		-
Other	△		△	35	△	3,606	△	5,185			5,121	-	△	1,800	-	△	2,104	-	-	-		-
					64,082				△					△		-		△		-				△		-	-	-		55,000
Net cash provided by (used in) investing activities		63,577		△66,724			1,642	9,583	△21,204
Net increase (decrease) in short-term borrowings	△				76	△			0	△				0	△				0	-	△			0	-	△				0	-	-	-	△	-
Increase (decrease) in commercial papers		18,000	△	52,000	△	30,000	△	15,000	-	△	15,000	-		10,000	-	-	-		-
Net increase (decrease) in long-term borrowings		10,881	48,322	82,207	35,314	-	36,135	-		22,965	-	-	-		-
Net increase (decrease) in bonds		15,000	65,000	△			-	△	30,000	-	△		-	-	△			-	-	-	-		-
	△	6,935	△		8,085	9,194	△					-				-				-	-	-		-
Dividends paid							△	10,029	△		5,640		11,700
Other	△	2,431	△12,590	△	4,705	△		1,843	-	△		894	-	△		2,843	-	-	-		-
Net cash provided by (used in) financing activities		34,438		48,000		38,307		32,187	-		27,670	-		18,421	-	-	-		45,000

4

【Segment	information (1)】
			2018/12			2019/12			2020/12			2021/12
(Millions of yen)			full-year		(Millions of yen)	full-year		(Millions of yen)	full-year		(Millions of yen)	full-year
Operating revenue		273,302		Operating revenue	323,036		Operating revenue	334,980		Operating revenue	340,477
Commercial Properties		108,620		Commercial Properties	120,940		Commercial Properties	144,554		Commercial Properties	155,671
Leasing of buildings, etc		71,025		Leasing of buildings, etc	73,902		Leasing of buildings, etc	74,950		Leasing of buildings, etc		75,701
Sales of real estate			1,888		Sales of real estate	12,380		Sales of real estate	32,860		Sales of real estate		43,283
Building management service, etc.		35,124		Building management service, etc.	34,067		Building management service, etc.	36,049		Building management service, etc.		35,866
Dividends				582		Dividends		590		Dividends			695		Dividends				820
Residential			97,703		Residential	131,297		Residential	99,164		Residential	120,585
Sales of condominiums		72,614		Sales of condominiums	98,335		Sales of condominiums	64,442		Sales of condominiums		71,903
Sales of residential houses			142		Sales of residential houses		61		Sales of residential houses			-		Sales of residential houses				-
Sales of real estate, etc.			2,925		Sales of real estate, etc.		8,149		Sales of real estate, etc.		8,842		Sales of real estate, etc.		20,585
Residence leasing			3,830		Residence leasing		4,352		Residence leasing		5,515		Residence leasing			5,896
Fee from sales outsourcing services			805		Fee from sales outsourcing services		1,161		Fee from sales outsourcing services		1,082		Fee from sales outsourcing services			1,196
Residential management service, etc.		17,386		Residential management service, etc.	19,236		Residential management service, etc.	19,281		Residential management service, etc.		21,002
Asset service			42,885		Asset service	44,192		Asset service	46,666		Asset service		42,654
Brokerage				3,761		Brokerage		3,840		Brokerage		3,456		Brokerage			4,473
Asset solution			13,619		Asset solution	14,389		Asset solution	20,096		Asset solution		13,746
Management service, etc.			3,996		Management service, etc.		4,202		Management service, etc.		4,274		Management service, etc.			4,446
Parking business		21,509		Parking business	21,758		Parking business	18,839		Parking business		19,988
Other			24,092		Senior & Child Care business (*3)		8,490		Senior & Child Care business (*3)	29,276		Overseas (*5)				11
Leisure business		14,611		Other	18,115		Overseas (*5)			83		Other		21,554
Senior & Child Care business (*1)			7,116		Leisure business	14,779		Other	15,234		Leisure & Child Care business (*4)		17,377
Other (*1)(*2)			2,364		Fund business (*2)		3,095		Leisure business	11,381		Fund business			4,035
						Other (*1)(*2)		241		Fund business (*2)		3,768		Other				141
										Other (*1)(*2)			84
Operating profit		46,765		Operating profit	52,410		Operating profit	49,631		Operating profit		58,784
Commercial Properties		33,390		Commercial Properties	37,095		Commercial Properties	40,424		Commercial Properties		44,481
Residential			14,146		Residential	15,846		Residential		7,194		Residential		17,096
Asset service			△	6,366		Asset service		5,899		Asset service		2,686		Asset service			4,331
			180				271			△					△	744
Other					Senior & Child Care business (*3)			Senior & Child Care business (*3)		7,652		Overseas (*5)
Elimination/Corporate			7,317		Other		1,497		Overseas (*5)			613		Other
				△						△	2,762
						Eliminations or corporate	8,200		Other		1,849		Eliminations or corporate	9,142
									Eliminations or corporate		9,562
									Business profit	△49,847
Business profit				-		Business profit	51,668			Business profit		47,979
Commercial Properties			-		Commercial Properties	37,534		Commercial Properties	40,865		Commercial Properties		44,809
Residential				-		Residential	15,846		Residential		7,194		Residential	△	17,096
Asset service				-		Asset service		5,899		Asset service		2,686		Asset service		4,331
				-				271			△				11,878
Other					Senior & Child Care business (*3)			Senior & Child Care business (*3)		7,652		Overseas (*5)
Elimination/Corporate			-		Other		315		Overseas (*5)	△		838		Other		2,762
						Eliminations or corporate	△	8,200		Other	1,849		Eliminations or corporate	△	9,142
									Eliminations or corporate		9,562

(*1) The child care business has been reclassified from "Other" to "Senior & Child Care business" starting from FY2019. The actual figures for FY2018 are restated under the new classification.

(*2) The fund business has been reclassified from "Other" to "Fund business" starting from FY2020. The actual figures for FY2019 are restated under the new classification.

(*3) In FY2020, the profit of "Senior & Child Care business" exceeded 10% of the total profit of all business segments, so it is classified as a reportable segment. Actual figures for FY2019 have been reclassified to reflect the new classification.

(*4) From FY2021, "Senior & Child Care business" and "Leisure Business" are integrated and disclosed as "Leisure & Child Care business".

(*5) In FY2021, the loss of "Overseas business," which had been included in "Other," exceeded 10% of the total profit of all business segments, so it is classified as a reportable segment. Actual figures for FY2020 have been reclassified to reflect the new classification.

(*6) From FY2022, "Overseas business" has been integrated into "Other".

		2022/12			2023/12
(Millions of yen)	1Q	2Q cumulative	3Q cumulative	full-year	1Q	2Q cumulative	3Q cumulative	full-year
forecast
Operating revenue	121,684	215,066	268,455	349,940	118,393	-	-	413,000
Commercial Properties	57,673	86,836	114,675	145,155	34,420	-	-	198,000
Leasing of buildings, etc	18,898	38,863	57,578	76,735	18,882	-	-	74,500
Sales of real estate	29,387	29,387	29,387	29,812	5,770	-	-	85,000
Building management service, etc.	9,238	18,230	27,204	37,954	8,885	-	-	37,500
Dividends	149	355	505	652	882	-	-	1,000
Residential	43,350	89,675	99,675	131,390	63,842	-	-	135,000
Sales of condominiums	23,250	61,957	65,522	85,958	53,611	-	-	83,000
Sales of residential houses	-	-	-	-	-	-	-	-
Sales of real estate, etc.	12,889	14,057	14,200	17,500	1,960	-	-	23,500
Residence leasing	1,235	2,580	3,918	5,309	1,453	-	-	5,500
Fee from sales outsourcing services	765	935	1,095	1,572	925	-	-	1,500
Residential management service, etc.	5,209	10,144	14,938	21,049	5,891	-	-	21,500
Asset service	15,810	27,604	37,048	50,240	14,251	-	-	56,000
Brokerage	1,305	2,259	3,467	4,626	848	-	-	5,000
Asset solution	8,370	12,523	14,037	19,084	6,544	-	-	23,000
Management service, etc.	1,150	2,319	3,434	4,554	1,186	-	-	4,500
Parking business	4,984	10,501	16,108	21,975	5,671	-	-	23,500
Other	4,849	10,949	17,054	23,154	5,879	-	-	24,000
Leisure & Child Care business(*4)	3,707	8,353	13,404	18,541	4,499	-	-	19,300
Fund business	1,110	2,532	3,556	4,484	1,346	-	-	4,500
Other (*6)	31	63	94	127	32	-	-	200
Operating profit	25,504	48,227	55,050	64,478	27,289	-	-	66,000
Commercial Properties	17,079	26,221	33,527	40,910	10,102	-	-	43,500
Residential	7,641	21,280	20,962	23,304	17,840	-	-	23,000
Asset service	3,254	4,418	5,483	7,399	1,687	-	-	8,000
Other (*6)	246	1,187	2,152	2,518	503	-	-	2,000
Eliminations or corporate	△ 2,718	△ 4,881	△ 7,074	△ 9,655	△ 2,843	-	-	△ 10,500
Business profit	25,390	51,195	58,095	66,304	28,136	-	-	71,000
Commercial Properties	17,146	26,336	33,732	41,204	10,167	-	-	44,500
Residential	7,641	21,280	20,962	23,304	17,840	-	-	23,000
Asset service	3,254	4,418	5,483	7,399	1,687	-	-	8,000
Other (*6)	66	4,041	4,992	4,050	1,285	-	-	6,000
Eliminations or corporate	△ 2,718	△ 4,881	△ 7,074	△ 9,655	△ 2,843	-	-	△ 10,500

5